Euro and Pound Weaker

The euro fell after a three-day rally as traders scaled back given the recent valuation run. The Aussie and kiwi are moving higher today on expectations that the Reserve Bank of New Zealand will raise its Official Cash Rate to 2.75% from 2.5% on Thursday. The yen is trading flat as the BOJ announced that it was maintaining its current QE pace. On the down trend is the South African rand, which is dropping almost half a percent. Economic news continue to be light, with the focus remaining on geo-political events. Commodities are stronger this morning with copper and gold rallying. Treasuries are flat and equities are slightly lower from the open.

Today's Events • Manufacturing in the U.K. rose 0.4% in January over the previous month, above most economists’ estimates • The National Federation of Independent Business Optimism Index fell to 91.4 in February from 94.1 on concerns over government laws covering health care, minimum wage, and tax reforms • The Bank of Japan maintained its pledge to expand the monetary base at a pace of 60-70 trillion yen ($677 billion) per year • India’s rupee fell on data indicating that trade shortfall shrank to $8.13 billion in February from $9.91 billion in January

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The euro fell after a three-day rally as traders scaled back given the recent valuation run. The Aussie and kiwi are moving higher today on expectations that the Reserve Bank of New Zealand will raise its Official Cash Rate to 2.75% from 2.5% on Thursday. The yen is trading flat as the BOJ announced that it was maintaining its current QE pace. On the down trend is the South African rand, which is dropping almost half a percent. Economic news continue to be light, with the focus remaining on geo-political events. Commodities are stronger this morning with copper and gold rallying. Treasuries are flat and equities are slightly lower from the open.

Today's Events • Manufacturing in the U.K. rose 0.4% in January over the previous month, above most economists’ estimates • The National Federation of Independent Business Optimism Index fell to 91.4 in February from 94.1 on concerns over government laws covering health care, minimum wage, and tax reforms • The Bank of Japan maintained its pledge to expand the monetary base at a pace of 60-70 trillion yen ($677 billion) per year • India’s rupee fell on data indicating that trade shortfall shrank to $8.13 billion...Read More